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What happens to a person’s cryptocurrencies when they die? The debacle of the Quadriga exchange, where the 30-year-old founder of the Canadian cryptocurrency exchange died suddenly taking $135m with him to his grave, has placed great emphasis on the need to address this issue both within the cryptocurrency and legal communities. It is estimated that about 4 million bitcoins have been lost forever after the death of their holders.

As bitcoins are held in the wallets of the internet and are secured by a public and private key, this ensures it is secure and inaccessible by anyone except the Bitcoin holder. This makes it uniquely difficult, in fact impossible, to retrieve after the death of someone. Therefore it is imperative that a cryptocurrency will is put in place in order to mitigate these circumstances and to make sure your loved ones are taken care of.

For the purpose of wills and probate, cryptocurrencies should be treated as any other investment. Estate planning for this new class of asset is more important than ever and we at Paperjet are here to assist with taking steps to ensuring you have the tools you need to protect your assets and your loved ones. We have understood the seemingly difficult nature of this task and have developed a Cryptocurrency Will template, that is available as a free download.

As with all things crypto, security is a serious matter and the tools that Paperjet have created for your use is no different. Please do not type in your private keys or passwords ever on any computer, even to fill out this online template. Rather type in the basics, print the will, and then write in your private details using a good old fashioned pen. Once the details are completed in the document, ensure that you have a secure, locked location to store your will. The final step is providing information on how to access all your documents to your loved ones.

Addressing the difficulties of paperwork is a core driver at Paperjet and we are actively researching on how to improve upon our tool. If you have any feedback, we would love to hear it!